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GBPUSD Elliot Waves Analysis For 23 August 2016

23 August 2016, GBP/USD

GBPUSD Elliot Waves Analysis For 23 August 2016

Wave Analysis

GBP/USD is currently trading with a bullish bias. Following the breakout above 1.3134, we remain long and expect a breakout above 1.3167 to culminate in to an new impulsive rally to the upper side. In the meantime, we wait for minor corrective rally to the lower side to give us low risk buy opportunities with a target at 1.3345. This pair should be traded alongside EUR/USD, NZD/USD, AUD/USD, EUR/JPY and AUD/JPY. These pairs have a strong positive correlation of up to +0.92 and will have a similar price action during this intraday.

Trade Recommendations:

If you are not long already, wait for a clear breakout above 1.3167 then go long with an ideal target at 1.3345.

Graham Osano
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